Over the past year, Europe's gas markets have been turned upside down. Russia first manipulated markets by gradually holding back supply, to which Europe responded quickly and effectively. In the short term, the continent swapped Russian gas for LNG. With the 80% storage target and the loss of Russian gas, a huge additional demand for LNG emerged in Europe. Global LNG markets responded flexibly, which pushed Asian prices up strongly: for the first time in ten years, Europe traded at a premium to Asian markets. By the end of the summer, storage targets were met and Europe is better prepared than ever for winter.

Europe's gas supply for next winter looks secure, but without Russian gas, how can storage be filled next year? At what price can we buy gas in the coming months? Will the European market return to pre-war price levels or will high gas prices stabilise? What can Europe and Hungary do to ensure that households, industry and our power plants have affordable energy in the long term? These are the questions we discussed with our guests at the REKK's traditional gas year assessment event.

Further information: here